PM Shehbaz Sharif has named Bilal Bin Saqib, new blockchain and crypto adviser, as his Special Assistant on blockchain and cryptocurrency, who will now hold ministerial status. Pakistan has been placed alongside the United States, UAE and El Salvador within this list. Finance ministers in these nations are now in charge of overseeing crypto.

Key-Takeaways:

• PM Shehbaz Sharif hired Bilal Bin Saqib as a new Special Assistant on blockchain and crypto to help Pakistan follow other countries in building crypto regulations.
• The new advisor will guide FATF-approved regulation, the adoption of blockchain technologies and investment activities which will support Pakistan’s participation in the digital world.

Experience and Skills of the New Blockchain and Crypto Adviser

New blockchain and crypto adviser is well qualified for the job. He earned his graduate degree at the London School of Economics. King Charles III granted him the title of Member of the Most Excellent Order of the British Empire (MBE). It helps show the world his achievements. 

His appointment was made as he is well known in the Pakistan crypto scene. He is currently serving as CEO of the Pakistan Crypto Council and as Chief Advisor to the Finance Minister.

The new blockchain and crypto adviser has proven to be a strong leader in establishing important partnerships. As an example, the PCC recently signed an agreement with World Liberty Financial, a DeFi project backed by Donald Trump.

The PCC welcomed Binance founder Changpeng Zhao as a Strategic Advisor. The pair intend to work together on forming measures, learning and creating new infrastructure in Pakistan’s blockchain sector.

Forbes recognized the man they hired as their new blockchain and crypto adviser by including him on their 30 under 30 list. They noted his experience as a founder of Tayaba, an enterprise set up to address Pakistan’s water crisis.

In 2023, he was given an MBE for all his work supporting the UK’s National Health Service. It demonstrates that he is committed to aiding the public, outside of crypto.

Responsibilities and the Agency’s Strategic Directive

The new blockchain and crypto advisor will be responsible for drafting regulations that comply with FATF requirements. These guidelines are meant to meet standards used throughout the world. He will additionally handle government-funded Bitcoin mining projects. He is in charge of pushing blockchain into public institutions, land registration, and banking.

The new blockchain and crypto adviser will be responsible for managing the licensing and regulation of VASPs. He seeks to bring further protection for investors engaged in Pakistan’s Web3. As a result, he is responsible for guiding digital asset policy. He will unite the work of many government bodies and regulators.

According to Rule 4(6) of the Rules of Business, 1973, the new blockchain and crypto adviser is appointed by the central government. It starts right away and gives ministerial rank. Because of this status, he is responsible for overseeing blockchain work in the United States. He will work to bring Pakistan’s government and financial sectors up to date.

Technology Infrastructure and Business Opportunity

The potential in Pakistan’s crypto space allows the new blockchain and crypto adviser to lead positive changes in policies. According to Chainalysis, the country is one of the top ten globally for crypto use.

Because it serves millions and has $300 billion in trade annually, the market is very advanced. Having a good base allows the advisor to begin national initiatives for blockchain and cryptocurrencies.

About 40,000 IT graduates come from Pakistan annually, and it places fourth among countries in freelance work. This allows the new blockchain and crypto adviser to use the talented folks available in the United States for work on blockchain.

More than two-thirds of people are below 30, making them the main part of the population. The new government advisor can work with young people to help digital innovation and adoption across the industry.

2,000 megawatts of extra electricity from Pakistan will be given to support Bitcoin mining and AI centers. The Council’s March 21 meeting saw the new blockchain and crypto adviser make the first proposal of this initiative.

He said the project might lead to billions of dollars of investment and the creation of many skilled jobs. It provides valuable tools that the new blockchain and crypto adviser can use to begin implementation.

Conclusion

The new crypto and blockchain adviser will take charge of transitioning Pakistan towards digital and help adjust regulations accordingly. He will also help draw in money and cooperation from other countries. Pakistan’s serious interest in emerging technologies is demonstrated by his appointment. It supports the country in becoming a main figure in today’s digital economy.